A statement to the stock market by Rangers International today confirmed that they are not a sustainable business, have no bank credit facilities and are unable to accept debit or credit cards for season ticket purchases.
These revelations contravene SFA licence requirements, which would need to be met if the club wanted to participate in Scottish football in season 2014-15. Before attaining a licence for the forthcoming season a club must demonstrate that is has the finance available to complete its commitments. Newco Rangers have confirmed they are currently unable to meet this requirement.
Perhaps anticipating their next move, the statement added, “Should the Club suffer a substantial decrease in season ticket income in the next two months, then it would be unable to trade in the short term without seeking additional external funding”. You suspect this two month timeframe will prove to be significant.
That supporters who chose to automatically renew their season tickets cannot do so is demeaning. The financial uncertainty behind a season ticket purchase is such that people have been asked to pay by cash, cheque or direct bank transfer. Utterly, utterly, demeaning.
I sincerely hope whoever is in charge of taking money from fans is in a position to pay them back in the event the club fails. With this weight of evidence, to bank and spend the money regardless would be despicable.
A few points to bear in mind:
No one is in control of this situation, it was not planned for and there is not a silver bullet to resolve things.
The shareholders and are not a homogenous unit, they have different priorities, aspirations and stress points.
These two things being the case, any amount of carnage can take place once the inevitable crash occurs.
The only plan I can think of goes along the lines of, “Hail Mary, full of grace……..”
Sandy Jardine
I know several CQN’ers were good friends with Sandy Jardine, each of whom assured me of the man’s good character. Sincere condolences extended to all his family and friends.
Signed copies of Yogi Bare – John Hughes autobiography, are available now:
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ryecatcher
09:02 on 26 April, 2014
What a miser you are ….!!!!
Goldstar10
If it was Laurie from Dennistoun, I think he’s,allegedly, a Celtic fan. I think he’s annoyed a few on here, with his “we miss/need/ long for” Sevco agenda. Not that he calls them that!!
beatbhoy- Pretty sure it wasn’t that pain in the posterior.
RYECATCHER
You really must teach your daughter fiscal prudence. Wasting her money,shame for the lass.
BB5
What kind of statement is that – ‘You’ve been in Swindon too long.’ Remember this is a Celtic site not one of your low-life cyber Nat sewers.
He wouldn’t be allowed to on there, right enough!
Need to go for a wee swim etc now …….. Getting too excited with all this.
FRITZSONG
Thanks mate-but he has a point.
I’m on my way home at this very minute,and will be debating the point with him in person in a few days.
In between pints,of course.
Btw,thirty it is.
Morning all. The heavy ran has gone for the moment. In fact, it is brightening a wee bit, on the horizon.
I trust there is no prospect of any brightening on any horizon down Govan way. In fact, I hope it pours on their wee party this afternoon. That would be a fitting climax to their latest unfair season, to boulderdize the ole Forfar chairman.
That’s thirty lashes,not thirty pints,in case my Mum or my sisters are lurking!
Oooo-er,schoolboy error…
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS ………Praying for our WEE HERO!
05:28 on 26 April, 2014
This is an excellent piece on the independence debate,from an outside viewpoint.
http://www.dailymail.co.uk/debate/article-2613597/DOMINIC-LAWSON-delivered-home-truths-independence-Glasgow-pub.html
I certainly don’t regard Lawson’s viewpoint as being in any way external (“outside”). He stands four square behind the status quo.
67 heaven
Can’t get my head round this Sevco nonsense
1 losing £700k per month
2 wanting to raise £30m over next three years…don’t know where from tho
Therefore…they may just break even
However ……they need next season’s ticket money to cover them over the summer …..leaving them short as next season progresses
Therefore the best they could do is to carry the squad they have ( one that couldn’t win the Ramsdens Cup) over the next three seasons ……will that squad even get out of The Championship
Notwithstanding the above Mccoist has been promised funding for next season …where from ??
Frankly their only way out is to crash the football company onto the rocks …sack Sally et al..all the crap overpaid players and start again
They won’t want to do that as the penalty points deduction will stuff any chance they have of promotion next season
Therefore it’s Euromillions , Scoop Six , National Lottery or maybe King will sub them the £30m he keeps banging on about …..all the forgoing being equally viable :-))
To the Accountants on the site.
Now, I know a little about the double entry system but could someone explain how the purchase price of £5:5M also be listed as an expense of the business.
Neither did I see any mention of the company assets such as Ibrox Park. Is it possible that the company G Wallace represents on The Official Statement doesn’t own Ibrox Park, or their is a charge elsewhere on it?
Bmcuw
Enjoy your wee journey home and your wee bevy also.
I must admit I didn’t open your Daily Mail attachment—I wouldn’t let that evil and extreme right wing rag into my home.
Today is also the anniversary of 1969 cup final when we destroyed the now no longer team from Govan..
fritzsong
I’m sorry if my attempt at humour seemed abusive :((
My postie Gary is a family friend,
I should have made that clearer in his reply to me, but didn’t post that he replied to me by name only *****..
My mistake though and again apologies.
Monthepostiescsc
Bumped into a sevco mate this morning. The wee guy’s hardly missed a game in 40 years but told me he’s not going back till the club’s sorted out.
He used the words ‘demoralised’ and ‘disaster’ and also left Murray nameless. I didn’t overdo it as he was clearly suffering but when he asked the rhetorical question ‘how did it ever get this bad?’
‘Well the seeds were sewn on May 25th 1967 mate’ I replied.
‘You could be right, and ffs sake I still remember the celebrations all over Castlemilk that night!’.
I laughed and said my cheerios.
GERRYBHOY
As he doesn’t have a vote,his is a view from outside.
He clearly states where he stands. The article relates what he found out on a visit to Scotland.
If you read it,you might be surprised. Of course,you might not be!
http://www.youtube.com/watch?feature=player_detailpage&v=A4ai7kp_8cg
bt enjoy :)
HH
PF AYR
I think RED32 is their survival plan.
Lump the lot on,35/1.
Looking forward to the match tomorrow and a catch up at the gazebo pre match
RC
cheers buddy, I’ll speak to TOHG later today in KSC
Alcora
00:31 on 26 April, 2014
Slowly slowly catchy monkey as some on here would say:)))
Post more ofter your needed
Blantyretim
That final is a massive regret for me. Missed it as I was playing football. I could hear the roars every time we scored though.
Belter from last night.
roberttressell
16:45 on 25 April, 2014
Called in to the Cooperative bank today, with whom I hold an account or two. I’ve been a big supporter of the Coop for many years. It reflected some of my own ethics and ideas in it’s operations and organisations. But I’m unhappy with what’s happening to them.
So I took the bull by the horns and have told them I am only going to continue to bank with them and use their shops if they give me security on the car park of their supermarket branch on Belfast’s Lisburn Road. And I want a say in the governance of the bank from now on.
They said that would be against all common business practice and probably the law too. But I’m smarter than them and told them that was not the case.
My mate is keeping my deposits for me until they cave in. He is a financial genius and has just got off a fraud charge. I say got off, he cut a deal. He paid everything he owned and pleaded guilty but he got off, really. Anyway, he is looking after my savings for me and will hand them over to the Co-Op when they play ball on that car park deal and when he gets back from his trip to South America for the World Cup.
I’ll let you know how it goes.
In the meantime I’m about to email a guy in Nigeria with my bank details so he can pay in my lottery winnings. £200K coming my way less a small commission for him (what a rip off, but hey, it’s still £195K I wasn’t expecting and I’d be really suspicious if the guy didn’t want an admin fee, so you know he’s genuine)
What a day. Could it get any better for me.? Hold on, I think it could……
Actually just noticed the wife packing a bag – must be taking me on a surprise trip away…… cool. She’s putting the kids in the car and they are crying – must be taking them to the baby sitters – they hate that!
My life is awesome. I am the People.
Junkster
weekend off at last.
BILLY BHOY 05. 0921
Cheers,bud.
If you read it,you might be surprised. Of course,you might not be!
Of course I read it. I would not have commented otherwise. I understand clearly what he says but I also understand very clearly who he is and from whence he springs.
blantyretim is praying for the Knox family
I hope he enjoys a celebratory drink on a fabulous anniversary
HH
….difficult to know where to start with the most recent omnishambles-cum-klusterfork
at The Magnificent Façade…..
…………… but as soon as these pants dry oot
… I’m gonna give it a right guid try!
;)
HH
Blantyretim
Now that was one of the best birthday presents I ever got! Thanks Billy, Bobby, George and Stevie!
Morning BMCUWP,
did you see the Ken Loach op-ed in there a few weeks ago? This quote from it:
“The demands of the competitive market are remorseless: reduce the cost of labour; privatise everything; remove protection from working people, and maintain a pool of unemployed to discipline those lucky enough to have a job. Trade unions are to be obstructed while the wealthy are courted in the hope that they will find a pliant, flexible workforce that is easy to exploit.”
http://www.theguardian.com/commentisfree/2014/mar/27/ken-loach-labour-failed-left-new-party
HH
GERRYBHOY
Fair enough,mate.
I thought it was an interesting article. Certainly no fan of his old man though. Nor of his own politics.
PF Ayr
I honestly believe it’s so simple, yet only the Sevcoites appear oblivious to it. They need the season book money in in a lump sum, so it can be divvied up, as has been the case for 2 seasons now.
67 million missing. 67 million, and about half that amount missing under the current regime. Where is it? They are not being told and seem unable to fathom out where it’s going.
We know where it is. Surely they know where it is?
It’s incredulous that there are still some wishing to buy in again? Buy what?? If it’s to see the games, pay at the gate. If that means they go bust, fine. Their only hope is that a decent set of administrators are appointed who will find a way to keep them afloat ala hearts.
BT
http://www.youtube.com/watch?v=A4ai7kp_8cg
I had just turned 8 and listened to game by earywigging through the door of Galbraiths shop in Mossend as a fan of the deceased club listened to game.
One of my most vivid memories of Hunskelping.
They reacted to defeat in their usual manner :))
Thank you for the reminder
Morning all.
Very sad news about Tito Vilanova. May he rest in peace.
BMCUW
Bon voyage! Where are you currently?
HH!!
Roy
the auld eejit used his a/c in the car on Thursday and now has ‘manflu’
Couple of brandy shandies will sort him out…
Coneybhoy
01:14 on
26 April, 2014
Watching ’50 dead men walking’ , a lot of artistic licence of course but really feels like a good reflection of the troubles. Obviously the opinion of those who lived through it on here is more relevant.
========
IMO a pile of nonsense. Very loosely base on a book written by an individual (M McGartland ) who sold out his own people for British Gold. A petty criminal who was worked by the British intelligence services – a traitor in other words. A traitor who was handsomely rewarded for his treachery.